Indian Automotive sees the worst demand decline in history due to the worldwide outbreak of the novel COVID 19 and month’s long lockdown. The Automobile Industry saw a steep sinking of 78% in Q1 FY 2021 compared to FY 2020. The massive slump of 78% resulted in the Indian automotive market has sold only 153,734 units compared to 712,684 in the previous fiscal.
On the other hand, the pandemic also disrupted production in Indian Automotive. The production declined by 80%, Sales 76%, and Export 64% in Q1 FY 2021 compared to Q1 FY 2020.
Indian Automotive Industry Put ON A Soft Pedal:
While the Indian Two-Wheeler market slumped by 74%, Commercial Vehicle Industry 85%, MHCV 94%, and LCV 80%, Passenger Vehicle 79%, the Three-Wheeler registered a plunge of 92% in Q1 FY 2021 compared to Q2 FY 2020.
Segment-wise Sales Forecast:
Passenger Vehicle Segment:
In the Car segment, Tata Motors increased its market share by 9%, Volkswagen by 2%, whereas Honda Cars dropped 5%, Hyundai 3%, and Maruti lost 3% market share. In the SUV/MUV segment, Hyundai and Renault gained 4% market share, while Mahindra lost its market share by 8 % and Maruti 6%, in Q1 FY 2021 compared Q1 FY 2020.
Commercial Vehicle Segment:
Mahindra had a market share of 25% in Q1 FY 2020 and could see around 50% market share in the fiscal Q1 FY 2021. Tata Motors and Ashok Leyland lost 14% and 8% market share respectively in Q1 FY 2021.
Coming in the grip of ongoing Covid19, the MHCV truck segment moved to negative by 93%, and the Light Duty Truck segment dropped by 78 percentage in Q1 FY 2021. MHCV and LCV Bus segments witnessed a degrowth of 98% and 95% in Q1 FY 2021 as compared to the same period last year.
Two- Wheeler Segment:
Indian Two-Wheeler Market reported a decline of 78% and the Bike segment registered degrowth of 73% in Q1 FY 2021.
Indian Three-Wheeler Goods segment declined by 81% and Passenger vehicles declined by 94% in Q1 FY 2021.
Coincided with arguably the world’s stern and most stringent lockdown to prevent the covid19 from spreading in extension to low consumer sentiments, the wholesale dispatches, and retail sales of Indian automobiles contracted drastically in the quarter FY2020. Moreover, increasing fuel price, Inflation, slow demand slackened production, unemployment, lesser spending power appeared to be some major challenges since and post COVID 19 and lockdown.
The industry though is hoping for improved business and operations in June with sales limping back to 35% of pre-COVID levels.
Key Highlights of the report:
- Indian Automotive Market latest updates on Investment, New Product launches, COVID 19 and lockdown impact, and other updates
- Sales, Production and Export Analysis
- Next 3 Quarters Forecast
- Customer Survey
- Logistic and Transporters challenges
- Dealership Crisis Analysis
- Use Digital Technology acceptance
- Passenger Vehicle Market Analysis
- Commercial Vehicle Market Analysis
- Two Wheeler Market Analysis
- Three-Wheeler Market Analysis
- Top Models, Pricing, and USP